Bagehot and the stabilising function of central banks

Elke Muchlinski

The European Journal of the History of Economic Thought, 2024, vol. 31, issue 5, 744-764

Abstract: The analysis of Lombard Street focuses on two dimensions that have received little attention: (1) Bagehot’s analysis of the systemic financial interdependencies between the functional poles of creditors and debtors in financial markets; and (2) the significance of trust and expectations in the functioning of these promise-to-pay markets. These dimensions lead us to Bagehot’s well-known principles of central bank responsibility in the historical legislative-political context of the Bank Charter Act of 1844. Despite its publication 150 years ago, this book deals with the then new and still relevant finance-based interdependencies where functional roles need to be redefined and restructured.

Date: 2024
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DOI: 10.1080/09672567.2024.2407329

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